Newmont (NYSE:NEM) Stock Rating Upgraded by Argus

Argus upgraded shares of Newmont (NYSE:NEM) from a hold rating to a buy rating in a report published on Thursday, MarketBeat Ratings reports. Argus currently has $58.00 price target on the basic materials company’s stock.

Several other brokerages also recently commented on NEM. Sanford C. Bernstein cut their price objective on shares of Newmont from $46.00 to $45.00 and set a market perform rating on the stock in a research report on Thursday, May 16th. CIBC upgraded shares of Newmont from a neutral rating to a sector outperform rating and boosted their price objective for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Jefferies Financial Group increased their target price on Newmont from $50.00 to $54.00 and gave the company a buy rating in a research note on Friday, July 12th. UBS Group raised Newmont from a neutral rating to a buy rating and upped their price target for the company from $40.00 to $50.00 in a report on Monday, June 17th. Finally, JPMorgan Chase & Co. downgraded shares of Newmont from an overweight rating to a neutral rating in a report on Monday, July 8th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $51.46.

Newmont Stock Up 2.6 %

Shares of NYSE NEM opened at $53.18 on Thursday. The firm has a fifty day simple moving average of $47.00 and a two-hundred day simple moving average of $41.12. The firm has a market capitalization of $61.32 billion, a PE ratio of -19.92, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. Newmont has a 12 month low of $29.42 and a 12 month high of $53.47.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same period last year, the business posted $0.33 earnings per share. Newmont’s quarterly revenue was up 64.1% compared to the same quarter last year. Equities analysts expect that Newmont will post 2.76 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.88%. Newmont’s dividend payout ratio (DPR) is -37.45%.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Newmont

Hedge funds and other institutional investors have recently bought and sold shares of the company. LRI Investments LLC purchased a new stake in shares of Newmont in the 1st quarter valued at $25,000. Strategic Financial Concepts LLC acquired a new position in Newmont in the 2nd quarter valued at $25,000. Manchester Capital Management LLC lifted its stake in Newmont by 171.9% in the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 397 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Newmont in the 2nd quarter valued at about $27,000. Finally, Heritage Wealth Advisors raised its holdings in Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after buying an additional 878 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.